PUBLISHER: The Business Research Company | PRODUCT CODE: 1458774
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458774
Connected drug delivery devices are advanced pharmaceutical tools that employ digital technology to monitor, regulate, and oversee the dispensing of medications, thereby improving adherence and patient outcomes. These devices are capable of internet connectivity, enabling data exchange between patients and healthcare providers to monitor medication usage, adjust dosages, and enhance treatment strategies.
The primary categories of connected drug delivery devices encompass standalone components, software, and integrated devices. Standalone components and software denote software or hardware capable of functioning independently or separately from a medical device that generates or utilizes it. They leverage various technologies such as Bluetooth, near-field communication (NFC), and others. These devices cater to a range of routes of administration including parenteral and inhalational methods, and find applications in conditions like asthma, chronic obstructive pulmonary disease, diabetes management, among others.
The connected drug delivery devices market research report is one of a series of new reports from The Business Research Company that provides connected drug delivery devices market statistics, including connected drug delivery devices industry global market size, regional shares, competitors with a connected drug delivery devices market share, detailed connected drug delivery devices market segments, market trends and opportunities, and any further data you may need to thrive in the connected drug delivery devices industry. This connected drug delivery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The connected drug delivery market size has grown exponentially in recent years. It will grow from $6.02 billion in 2023 to $7.48 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The expansion witnessed in the historical period can be attributed to heightened awareness surrounding connected devices, the growing significance of remote monitoring for medication adherence, increased patient engagement, widespread adoption among consumers, and the rapidly escalating costs associated with medical management.
The connected drug delivery market size is expected to see exponential growth in the next few years. It will grow to $17.67 billion in 2028 at a compound annual growth rate (CAGR) of 24%. The anticipated growth in the forecast period can be attributed to the increasing prevalence of chronic diseases, growing patient awareness regarding adherence to prescribed therapies, the rapid evolution of healthcare IT infrastructure, a heightened emphasis on preventive care, and the widespread adoption of connected devices in laboratories and hospitals for the maintenance of electronic health records (EHR). Major trends expected in this period encompass a rise in research and development activities, a surge in technological innovation and device connectivity, an increasing adoption of machine learning and artificial intelligence, a rising implementation of telehealth platforms integrated with augmented reality/virtual reality (AR/VR) technologies, and an increasing adoption of electronic technology in healthcare devices.
The growth of the connected drug delivery device market is anticipated to be propelled by the increasing significance of remote patient monitoring (RPM). Remote patient monitoring is a healthcare delivery method utilizing technology to monitor patient health and medical data from a distance. Connected drug delivery devices play a crucial role in enhancing RPM by enabling precise tracking of medication usage and adherence, facilitating timely interventions, and offering personalized care management. For example, a survey conducted by Vivalink Inc., a US-based digital health solutions provider, in August 2023, revealed a significant increase of 305% in clinicians utilizing RPM on patients, rising from 20% in 2021 to 81% presently, with 84% of these users planning to expand their RPM usage in 2024. Consequently, the growing importance of remote patient monitoring is propelling the growth of the connected drug delivery device market.
Major players in the connected drug delivery devices market are concentrating on developing innovative technologies, such as digital respiratory health solutions, to enhance their market profitability. Digital respiratory health solutions for connected drug delivery devices encompass technology-enabled devices facilitating medication delivery to the respiratory system while monitoring usage and health data to improve patient outcomes. For instance, in February 2022, AptarGroup Inc., a US-based manufacturer of dispensing packaging and drug delivery devices, introduced HeroTracker Sense. This innovative digital tool transforms traditional metered-dose inhalers into smart, connected devices, enhancing medication adherence and management for individuals with chronic respiratory conditions like asthma and COPD. It incorporates features such as sensors for analytics and insights, supporting patient adherence monitoring via the BreatheSmart app, thereby aiding in the effective management of respiratory diseases.
In May 2022, Halozyme Therapeutics Inc., a US-based biopharmaceutical company, acquired Antares Pharma Inc. for an undisclosed sum. This acquisition is expected to bolster Halozyme's strategy, solidify its position as a top drug delivery firm, and expand its coverage of specialized products with its best-in-class auto-injector technology and specialty commercial business. Antares Pharma Inc. is a US-based specialty pharmaceutical company operating in the connected drug delivery sector.
Major players in the connected drug delivery devices market are Pfizer Inc., Johnson & Johnson, Bayer AG, AstraZeneca PLC, Abbott Laboratories, Novartis AG, Medtronic PLC, Eli Lilly and Company, Amgen Inc., Boehringer Ingelheim International GmbH, Novo Nordisk A/S, Merck Group, Becton Dickinson and Company, GlaxoSmithKline PLC, Phillips-Medisize Corporation, AptarGroup Inc., Dexcom Inc., West Pharmaceutical Services Inc., Insulet Corporation, OPKO Health Inc., Tandem Diabetes Care Inc., Ypsomed AG, Meridian Medical Technologies LLC, Propeller Health, and Findair Sp. z.o.o.
North America was the largest region in the connected drug delivery market in 2023. The regions covered in connected drug delivery device report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the connected drug delivery device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The connected drug delivery device market consists of revenues earned by entities by providing services such as medication reminders and alerts, dose tracking, data sharing, adjustable dosing, and integration with health records. The market value includes the value of related goods sold by the service provider or included within the service offering. The connected drug delivery device market also includes sales of smart inhalers, connected insulin pumps, smart pill dispensers, wearable drug delivery devices, and digital pills that are used in providing services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Connected Drug Delivery Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on connected drug delivery devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for connected drug delivery devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The connected drug delivery devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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